Golden Matrix Group (GMGI) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $47.3M, up 15% year-over-year, with a return to profitability at $0.4M–$0.6M net income after a loss in Q3 2024.

• Adjusted EBITDA rose 32% year-over-year to $5.7M, with margin improving to 12%.

• Gross profit increased 18% to $26.4M, with gross margin expanding by 111 bps to 56%.

• Completed the acquisition of MeridianBet Group, resulting in a reverse merger and recapitalization.

• Expanded operations to over 15 jurisdictions, with a diversified portfolio including online sports betting, casino, SaaS, and prize competitions.

Financial highlights

• Q3 2025 revenue: $47.3M (+15% YoY); nine-month revenue: $133.3M (+27% YoY).

• Gross profit: $26.4M (56% margin, +111 bps YoY); nine-month gross profit: $75.0M (+21% YoY).

• Net income: $0.4M–$0.6M (vs. $3.3M–$3.4M loss YoY); nine-month net loss: $3.2M.

• Adjusted EBITDA: $5.7M (+32% YoY, 12% margin); nine-month Adjusted EBITDA: $14.8M.

• Cash on hand at quarter-end: $22M; total debt: $45.1M; working capital deficit: $25.3M.

Outlook and guidance

• FY 2025 revenue guidance: $186M–$187M (+23–24% YoY); Q4 2025 revenue expected at $52.7M–$53.7M (+15–17% YoY).

• Management expects current cash and ATM proceeds to support operations for at least 12 months.

• Additional funding may be required for post-closing obligations and $15.7M debt due in 2026.